@Brittany MageeDo they have a mortgage on it, as typically the lender will require it to be repaired or they take proceeds to pay off loanUnfortunately not much you can do

@Thomas Jacobson how much are you paying PMCs to come out and do a bunch of work?

I am not sure how you plan to handle rent collections but if you think there may be times that a tenant will need to pay via some non online option then having a bank in the area of the property can be good.

They're essentially paying the wholesaler for doing the leg work to find the deal.

Owing to the trend towards smaller,  more efficient appliances and LED lighting  electrical loads I think are somewhat less than they may have been per SF like in the 70's through 2000's when everybody had incandescent lighting and big tube TVs and refrigerators, dishwashers,  etc. that used 2 or 3x as much power as modern ones.I've had a couple turn-of-century units rewired to remove K&T and failed 'BX" (flexible steel sheathed  2 wire cable)  and agree with other posters the pricing isn't that bad as long as you can find an electrician that has some experience with that kind of work,   and sometimes it might be helpful to open up some cable routes ahead of time for them to use so they don't have to do the exploratory work.   

You are going to pay top dollar for new construction, but it has several anomalies that will restrict your future value.

A PITA to be sure but this doesn’t address all the possibilities.What if your tenant pays by the month?

Today, it's a cash-cow and with a truck-load in equitable profits.

You have to read a set pf plans to answer the questions, etc....And if/when you pass, you'll have at least 5 years of paying dues and losing money before you're any good.

Assuming you've done the math and it is financially best to have them leave, lose the rent, and pay rehab expenses so you can charge a higher rent, just non-renew them.